On This Page

Filter

These are the filters currently being used to limit the search results. Click on the
icon to remove the filter.

answer › answering member printed

Lord Bates

Sort by

This list shows the properties that you can sort by. Click on to sort in ascending order and to sort in descending order. The properties that you're currently sorting by are
shown at the top of the list. Click on to remove a sort and or to reverse the current sort order. Click on the icon to remove all the sorting. Note that sorting can significantly slow down the
loading of the page.

View

Choose what information you want to view about each item. There are some pre-defined
views, but starred properties are always present no matter what the view. You can
star properties by clicking on the icon. The currently starred icons have a icon; clicking on it will unstar the property.

To ask Her Majesty's Government what assessment they have made of (1) the benefits
to the UK of holding gold reserves for the central bank of Venezuela, and (2) the
value of gold held by the Bank of England for the central bank of Venezuela; and whether
they have a role in intervening if a request is made to repatriate any such gold.

<p>HM Treasury is unable to substantiate whether the Bank of England holds gold for
the Central Bank of Venezuela as that is a matter for the Bank of England. HM Treasury
has not made an assessment of the benefits to the UK of the Bank of England holding
gold reserves for other central banks. Holding gold reserves on behalf of any foreign
central bank is a matter for the Bank of England. The Bank of England does not share
information on which central banks it holds gold reserves on behalf of or the value
of that gold as this would contradict their customer confidentiality obligations.</p>

To ask Her Majesty's Government what assessment they have made of (1) the benefits
to the UK of holding gold reserves for other central banks, and (2) the value of gold
held by the Bank of England for other central banks.

<p>HM Treasury is unable to substantiate whether the Bank of England holds gold for
other central banks as that is a matter for the Bank of England. HM Treasury has not
made an assessment of the benefits to the UK of the Bank of England holding gold reserves
for other central banks. Holding gold reserves on behalf of any foreign central bank
is a matter for the Bank of England. The Bank of England does not share information
on which central banks it holds gold reserves on behalf of or the value of that gold
as this would contradict their customer confidentiality obligations.</p>

To ask Her Majesty's Government whether they have a role in deciding for which foreign
governments and central banks the Bank of England should hold gold reserves; and if
so, for which foreign governments and central banks the Bank of England holds gold
reserves, and in what quantities.

<p>HM Treasury does not have a role in deciding whether the Bank of England holds
gold for foreign governments and central banks. HM Treasury is unable to substantiate
whether the Bank of England holds gold for particular foreign governments and central
banks as that is a matter for the Bank of England. The Bank of England does not share
information on which foreign governments and central banks it holds gold reserves
on behalf of or the value of that gold as this would contradict their customer confidentiality
obligations.</p>

To ask Her Majesty's Government whether they will consider a moratorium on any repatriation
of gold held by the Bank of England to the government or Central Bank of Venezuela
until such time as they are satisfied that any repatriation meets the best interests
of the people of that country.

<p>Holding gold reserves on behalf of any foreign central bank is a matter for the
Bank of England. The Bank of England does not share information on which central banks
it holds gold reserves on behalf of or the value of that gold as this would contradict
their customer confidentiality obligations. Repatriation of any gold held at the Bank
of England is ultimately a matter for the Bank of England. HM Treasury only has direct
control over Government holdings of gold within its official reserves, which are held
at the Bank of England.</p><p>The UK fully implements UN, EU and UK domestic sanctions
law. The EU sanctions regime on Venezuela, introduced in November 2017, includes targeted
asset freezes applied to a number of senior Government officials in the Maduro regime.</p>

<p>The UK government has supported calls for a differentiated and more regionalised
approach during EU discussions on the successor to the Cotonou agreement. While the
future agreement will come into force after our exit from the EU, we remain interested
in what will be a major element of the global development architecture and will continue
to participate in the discussions while we remain an EU Member State.</p>

<p>The UK is a global advocate for free trade and continues to work with global partners
and as part of multilateral discussions at the WTO to tackle protectionism and protectionist
measures.</p><p> </p><p>When the UK leaves the EU, we will play a full part in promoting
compliance with the rules-based trading system and, if necessary, make use of the
WTO’s dispute resolution procedures in defence of our national interests.</p><p> </p><p>As
part of preparations for the UK’s exit from the EU, we are also committed to creating
a trade remedies framework which is able to react efficiently and effectively to tackle
unfair trade where necessary.</p>

<p>The UK will continue to adhere to the OECD’s tax standards after Brexit. These
include the provisions relating to residence in the OECD model treaty that the UK
uses as the basis for bilateral double taxation agreements.</p>

To ask Her Majesty's Government what assessment they have made of the use of the UK’s
financial markets for corrupt transactions by overseas investors; and what steps they
are taking to combat such practices.

<p>The UK’s openness and status as a global financial centre exposes it to the risk
of illicit financial flows.</p><p> </p><p>The UK’s National Risk Assessment 2017 assessed
that retail banking, wholesale banking, capital markets and wealth management are
all exposed to high money laundering risks. This assessment can be viewed online.</p><p>
</p><p>This government is committed to ensuring the UK’s financial system is hostile
to illicit finance, and is taking action to protect the integrity of the UK financial
system.</p><p> </p><p>This includes introducing the Criminal Finances Act 2017 to
enhance law enforcement’s powers to investigate and tackle financial crime, and comprehensively
updating the Money Laundering Regulations to bring them in line with the latest international
standards.</p><p> </p><p>The Financial Conduct Authority (FCA), which supervises financial
institutions conducts regular, detailed AML inspections of the major retail and investment
banks operating in the UK. Where financial institutions fall short of their legal
and regulatory obligations, the FCA has taken tough action.</p><p> </p>

<p>The UK became a founding member of the Asian Infrastructure Investment Bank (AIIB)
in 2015, with a 3.18% shareholding, representing a capital contribution of $3.05 billion
(of which 20% will be paid-in over five years, and 80% is callable).</p><p> </p><p>The
Chancellor of the Exchequer represents the UK at the AIIB Board of Governors. The
UK also holds one of the 12 seats on the AIIB Board of Directors, representing the
Wider Europe Constituency (Denmark, Hungary, Iceland, Norway, Poland, Sweden, Switzerland
and the UK).</p><p> </p><p>The UK is an active and committed shareholder of the Bank,
in pursuit of the UK’s objectives of supporting economic growth in Asia, deepening
economic ties globally, supporting the development of international financial institutions,
and creating opportunities for British businesses.</p><p> </p>

<p>The UK is home to the world’s preeminent financial centre and the government is
committed to maintaining and enhancing this position. In addition to our natural advantages,
such as a central time zone and the English language, we have strengths across all
the major sectors – banking, asset management, and insurance – alongside a globally
respected regulatory system, and world-class legal and professional services.</p><p>
</p><p>As the Chancellor of the Exchequer set out in his Mansion House speech in June,
the government has a long-term vision for the future of UK financial services, based
on ensuring the continued innovation, resilience, and openness of the sector. This
includes strengthening the UK’s already world-leading positions in the markets of
the future, whether in Fintech, green and sustainable finance, or rupee and renminbi
products.</p>